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I closed today; but real estate agent a no show

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Beasley12
Regular Contributor

I closed today; but real estate agent a no show

I am so happy. I closed today after all I have been through with this mortgage process however I am a little upset because my real estate agent did not show up to closing. He knew about it. Apparently he was out of the country but he emailed a few days ago and said that he would be back in town on Monday and would be coming to closing today.  He did not call me or anything.  The ONLY reason why I chose to have a real estate agent is because I wanted him to review the documents that I signed at closing.  What is my recourse here? The thought that this man could be paid thousands of dollars for doing nothing just irks the heck out of me.

 

 

EQ FICO 564 (3/12) Lender pull 673 (4/12) FICO 703 (6/13)
TU FICO 605 (6/12) to FICO 687 (3/13) Lender pull 680 (4/13)
EXP FICO lender pull (4/13) 651
Homeowner since September 2013!
Message 1 of 7
6 REPLIES 6
StartingOver10
Moderator Emerita

Re: I closed today; but real estate agent a no show

I am sorry your Realtor did not attend your closing because IMO I think it is the right way to "finish" the whole purchase process. However, the work the Realtor does is prior to the closing and not at the closing. If the agent was not going to attend, he should have let you know well in advance of the closing.

 

Are you the buyer in this purchase? From your post it sounds like it.

 

[Side note:  How is it you ended up paying the Realtor a fee? Most of the time the buyer doesn't pay the fee at all. The seller pays their agency a fee and the listing agency splits the fee with the selling agency. Then the Realtor would get a percentage of the fee that the selling agency collects from the listing agency. That's the typical way a Realtor is paid.]

 

Although I attend the closings with my clients, it is not the agent's function to review the loan docs for you. That is the attorney's function. If you closed without an attorney, the title closer reviews the documents with you. In fact, if the Realtor "reviews" the loan docs with you like an attorney would, then the Realtor could lose his license unless the Realtor is also a licensed attorney. There is a very fine line but the Realtor can't perform attorney duties.

 

The function of the Realtor is to find you the property, negotiate the purchase, put the contract terms in writing, ensure all the terms and contract conditions are met timely. Notify the parties appropriately. Handle issues with inspections, appraisers, their clients and the other party's agent. There are many duties here not mentioned.

 

However, all of these items are to be completed prior to closing. The purchase process can be very intense with all the details and the agent's job is to take care of the details. The closing is the culmination of all of these events. Ideally you would have reviewed your loan docs prior to closing. As a buyer you have the right to ask the lender to provide a standard set of docs for you to review with your attorney (if you prefer to use an attorney) prior to closing. The title commitment is supplied in advance enough to review prior to closing (that is one of the most important documents). Then if you have reviewed the standard loan docs, all you are looking at during the closing is to make sure the loan terms are what you agreed to with the lender (note rate, etc).

 

BTW, congratulations on your new home! Don't let this disappointment cloud your enjoyment of your new place.

 

Message 2 of 7
foofighter74
Established Contributor

Re: I closed today; but real estate agent a no show

Congrats on your new house! But yes, as stated...it's not a realtor's job to review the documents you sign at closing...that's what you get a lawyer for.  Our lawyer cost $500 and reviewed each document throughout the process, and was there at closing.

Message 3 of 7
tooleman694
Valued Contributor

Re: I closed today; but real estate agent a no show

Our realtor came to our closing, but it was more of a congrats type thing.. And we chatted as we signed the pile of papers..

Message 4 of 7
MortBankerRyan
New Member

Re: I closed today; but real estate agent a no show

Beasley,

 

Congratulations on the new home!!  In most states the real estate agent is just there at closing to congratulate you and to give you the keys.  Next time I would also recommend hiring an attorney or having someone else familiar with loan/title documents come with you to closing.

 

Enjoy the new home!

 

Ryan Salo

 

www.ryansalo.com

Message 5 of 7
Beasley12
Regular Contributor

Re: I closed today; but real estate agent a no show

In the beginning my realtor told me thar sometimes the seller will say they will give you something but will then try to charge you for it at closing. This is what I was wanting him to look out for. He told me that he would. So....yes I am extremely happy about the house but he told me he was going to do something but didn't. I do still plan to file a complaint.
EQ FICO 564 (3/12) Lender pull 673 (4/12) FICO 703 (6/13)
TU FICO 605 (6/12) to FICO 687 (3/13) Lender pull 680 (4/13)
EXP FICO lender pull (4/13) 651
Homeowner since September 2013!
Message 6 of 7
DallasLoanGuy
Super Contributor

Re: I closed today; but real estate agent a no show

i bet he went to closing LATER to pick up his check though

 

picking a good realtor is hard

 

Retired Lender
Message 7 of 7
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